Crypto losses exceed $3 billion in 2024: Peckshield

According to blockchain security firm Peckshield, the crypto industry is set to lose $3 billion in 2024 due to hackers and fraud, up 15% from $2.61 billion in 2023.

Hackers accounted for $2.15 billion, or more than 70 percent of total losses, up 42.38 percent from $1.51 billion in 2023, while fraud accounted for $834.5 million, according to the security firm’s annual report. report.

In 2024, it was more difficult to recover the stolen funds. Approximately $488.5 million worth of stolen crypto assets have been recovered, representing 27.62%. drop off From $674.9 million generated in 2023.

While recovering nearly half a billion dollars is a promising step, the sheer scale of the stolen funds has exposed the need for better security protocols across the industry.

PeckShield did not immediately respond Encryption Request a comment.

DeFi Under Fire

Decentralized finance (DeFi) protocols remain the most vulnerable, as their inherent weaknesses have continued to attract cybercriminals.

Peckshield called May the most devastating month, with losses reaching $662.2 million. July and August also saw significant activity, with losses exceeding $280 million each.

December saw a significant decline, with losses falling to $46.5 million, the lowest monthly total of the year.

Among the biggest heists of the year was a Japanese exchange DMM A $305 million Bitcoin hack followed by a $290 million hack PlayDapp and a $238 million Bitcoin scam.

The Bitcoin scam was the victim of a social engineering attack by scammers posing as Google’s endorsement of lender Genesis. The attackers stole 4064 BTC. according to For onchain sleuth ZachXBT.

Indian crypto exchange WazirX and the Gala games also suffered significant losses, with $230 million and $212 million stolen, respectively.

Phishing is on the rise

Last week, blockchain security firm CertiK warned About the growing threat of phishing scams emerging as the most serious security issue of 2024.

These scams, which trick victims into sharing sensitive information such as private keys, cost more than $1 billion across 296 incidents, Certik noted in its annual Web3 security report.

Phishing reported that the average loss per phishing scam exceeded other attack vectors. At least three phishing attacks in 2024 resulted in losses exceeding $100 million each.

Meanwhile, there is some business news in the crypto security sector. Recently Blockchain analytics firm Chainalysis received Hexagate, a Web3 security provider.

Edited by Stacey Elliott.